Sensex tanks 287 pts, but holds above 34,000; Nifty hits 1-month low

PNB scam came back to haunt Dalal Street investors on Friday, as benchmark indices reversed early gains to end nearly a per cent lower, bogged down by losses in frontline bank stocks such as SBI and YES Bank. Heavy selling in metal, auto and FMCG stocks in the absence of any positive global cues, also weighed on market sentiment. Most Asian markets were closed for Lunar New Year holidays.